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FX mortgage repayment scheme to come before Parliament next week

The government will discuss a proposal to allow early repayment of foreign currency-denominated mortgages at a fixed exchange rate on Wednesday, and the plan will come before Parliament next week, spokesman for the Prime Minister Péter Szijjártó said on Tuesday.

When the proposal comes to Parliament, it will depend on the opposition whether it is approved in one or two weeks, or in a single day, Szijjártó said.

Prime Minister Viktor Orbán on Monday included the proposal by MPs of governing Fidesz-KDNP in the government's National Protection Plan. Under the scheme, borrowers would be allowed to repay early their foreign currency-denominated loans in a single installment at an exchange rate well under the market rate. Banks would have to shoulder the cost of the exchange rate difference.